For immediate release
August 17, 2015
Steve Patterson, firstname.lastname@example.org or (501) 537-0190
Fayetteville PACE Program Closes First Project
Communities Unlimited and IBERIABANK sign deal to save non-profit $5,000 annually
FAYETTEVILLE, AR — (August 17, 2015) – The City of Fayetteville’s model PACE program has funded its first project, Mayor Lioneld Jordan announced this week.
Communities Unlimited, a non-profit foundation focused on advancing community sustainability and entrepreneurial growth, secured a property assessed clean energy (PACE) loan from IBERIABANK this month to finance energy improvements to its 9,000 square foot headquarters that will save the organization approximately $5,000 per year in energy costs.
The Communities Unlimited project becomes the first PACE project funded in Arkansas since the 2013 Arkansas General Assembly adopted Act 1074 enabling local jurisdictions throughout the state to form energy improvement districts and finance PACE loans for property owners. “Since our city became the first Arkansas community to launch a PACE program last year, we have looked forward to this day and we congratulate Communities Unlimited on becoming our first project,” Mayor Jordan said today. “Fayetteville is committed to an energy future that is cleaner, more efficient and more reliable. We are proud that Communities Unlimited calls the city home.”
“This project is important to us as an organization that encourages entrepreneurship around energy efficiency and renewable energy,” said Ines Polonius, CEO of Communities Unlimited. “We are excited to be the first project but we are happier to install these energy efficiency measures that will reduce our carbon footprint and save some money that can be reinvested into our programs.”
The seven-member Energy Improvement District Board of Directors, appointed by Mayor Jordan and the Fayetteville City Council, oversees the Fayetteville PACE program.
“Obviously this is a proud day for all of us and we hope today’s announcement is a signal to all property owners in the City of Fayetteville that PACE is an accessible option for financing energy improvements that reduce costs and increase cash flow,” Board Chairman Michael Phipps said.
Arkansas Advanced Energy Equity (A2E2) is the Fayetteville PACE program administrator. Spokesman Steve Patterson said the first project is entirely the product of Fayetteville enterprises.
“The leadership at Communities Unlimited was highly motivated to complete this deal and they’ve earned their status as the first project,” Patterson said. “Importantly, IBERIABANK of Fayetteville stepped forward as the local lender for this project and Pinnacle Energy Services, also headquartered here, is the project’s energy consultant and designer.”
“We are proud to partner with Communities Unlimited and wish to congratulate the City of Fayetteville on facilitating the state’s first PACE project,” said Keaton Smith, Business Banking Relationship Manager of IBERIABANK.
Patterson said that A2E2-Fayetteville has received an additional nine project applications since its formal launch last December and the Communities Unlimited announcement demonstrates that PACE projects “come in all shapes and sizes.”
For additional information, download the PDF of the press release, which includes details of the planned energy improvements to the nearly 9,000 square foot Communities Unlimited building.